Rush Co has a credit
Q: Wildhorse Snowboards sells an ultra-lightweight snowboard that is considered to be one of the best…
A: FIFO Method: It is the method of inventory valuation that determines the ending balance of inventory…
Q: In 2015, Mr. O'Toole made Home Buyer's Plan (HBP) withdrawals that totaled $18,000. However, for the…
A: Under the Home Buyers' Plan (HBP), individuals can take money out of their Registered Retirement…
Q: Cash conversion cycle American Products is concerned about managing cash efficiently. On the…
A: The operating cycle, also known as the cash conversion cycle, is a financial metric that measures…
Q: A debt of $15 000.00 with interest at 9.6% compounded quarterly is to be repaid by equal payments of…
A: Amortization of a debt refers to the gradual repayment of a loan through a series of periodic…
Q: The intangible assets section of Tamarisk, Inc.'s balance sheet at December 31, 2022, is presented…
A: Any asset that is not physical in nature is considered intangible. Intangible assets are immaterial…
Q: Required: 1. Calculate the amount of interest that Mason should capitalize in 2024 and 2025 using…
A: The capitalization of interest relies on the Weighted Average Accumulated Expenditures and the…
Q: Logistics Solutions maintains warehouses that stock items carried by its dot.com clients. When a…
A: The variance is the difference between the standard and actual production cost data. The variance…
Q: Super Sports Drinks, Inc. has two departments: Mixing and Bottling. Direct materials are added at…
A: A production report is a document used in manufacturing and other industries to track and summarize…
Q: Based on this information, determine which joint cost allocation method the intern must have used…
A: The technique of estimating net realizable value entails allocating joint expenses to goods based on…
Q: Could you please explain why Depreciation Expenses for the year 2021 was calucated as $40,000 x…
A: Depreciation: It refers to an accounting policy that is used by the business to spread over the…
Q: During the current year, Maine Salvage Company took out new loans of $17 million. In addition, the…
A: Cash flow statement includes:Cash flows from operating activitiesCash flows from investing…
Q: Preble Company manufactures one product. Its variable manufacturing overhead is applied to…
A: Direct material variance is the difference between standard direct material cost for actual…
Q: 28,987 Inventory under the conventional retail method $
A: The basis for the conventional retail inventory approach is the correlation between the cost of a…
Q: North Country Wood Toys makes wooden toys for children of all ages. They use two departments:…
A: The production cost report under the weighted average method is prepared by ignoring the work done…
Q: Inventory Costing Methods—Perpetual Method The Luann Company uses the perpetual inventory system.…
A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…
Q: On December 31, 2025, Bramble Company signed a $1,086,600 note to Sunland Bank. The market interest…
A: The notes payable are a current liability for an entity that issues the same. It may be a long-term…
Q: Exercise 4-17 Equivalent Units; Weighted-Average (LO 4-1, 4-3) Rainbow Glass Company manufactures…
A: WEIGHTED AVERAGE METHOD :— Under this method, equivalent units are calculated by adding equivalent…
Q: a. Use the direct method to compute the amount of cash inflows from operating activities. b. Use the…
A: The cash flow statement is a financial statement which describes the inflow and out flow of cash…
Q: FA12 Income Statement Sections During the current year, Dale Corporation sold a segment of its…
A: The income statement is a financial statement that shows the revenues and expenses of a company over…
Q: Gunston Processing produces two products, ALT-1 and ALT-2, from a batch using a single raw material,…
A: Joint costs may be allocated using the net realizable value method. The net realizable value (NRV)…
Q: There is no difference between 'bad debt' and 'allowance for doubtful accounts. True False There is…
A: 1. Bad debts arise when a specific customer account is deemed uncollectible, usually due to…
Q: Determining the Proceeds from Bond Issues Madison Corporation is authorized to issue $830,000 of…
A: Bonds are the securities issued by an entity in order to raise funds. It is like a debt over the…
Q: HWCH 24 Divisional Income Statements and Return on Investment Analysis E.F. Lynch Company is a…
A: The profit margin is the ratio that shows the percentage of net income earned on each amount of…
Q: On July 1, 2023, Blossom Ltd. received a loan from its bank for $10,000 bearing interest at 4%. The…
A: The current liabilities and long-term liabilities are shown separately in the balance sheet. The…
Q: Selected accounts included in the property, plant, and equipment section of Concord Corporation's…
A: Balance sheet stands for the statement and information that shows the assets and liabilities of the…
Q: Minden Company is a wholesale distributor of premium European chocolates. The company's balance…
A: Since you have posted a question with multiple sub-parts, we will do the first three sub-parts for…
Q: Howard, Inc. is a merchandising company that began operations on January 1, 2019. During January,…
A: Perpetual inventory systemPerpetual inventory system records inventory at every transaction.Closing…
Q: Excellence Auto Inc. (EAI) has 150,000 shares issued in total. Assume that on January 1, 2021, Power…
A: Cost method of investments accounting used when a company do not have significant influence on…
Q: Your answer is partially correct. Whispering Winds Co. sells product P-14 at a price of $48 a unit.…
A: SPECIAL ORDER ANALYSISUntil there is any Information is Provided, There shall be no additional Fixed…
Q: alcom Enterprises is planning to introduce a new product that will sell for $145 a unit…
A: Variable manufacturing is the term used to describe the tendency for fluctuations in the production…
Q: Sebastian purchases two pieces of equipment for $1 Appraisals of the equipment indicate that the…
A: A fundamental idea in many financial transactions, tax evaluations, and accounting procedures is…
Q: Tangent Controls Ltd. is a manufacturer of crash-protected event recorders that are used in railway…
A: The cash flow statement is prepared at the end of the period to know the cash position. It reflects…
Q: 5% bonds payable, $5,774,000 maturing December 31, 2025, each $1,000 bond convertible into 20 common…
A: Companies can draw in investors with dividends on preferred shares by providing a steady income…
Q: The company uses a periodic inventory system. Determine the cost assigned to ending inventory using…
A: Specific identification method:— It is one of the methods of inventory valuation in which sales…
Q: a) b) Prepare the journal entry to record the purchase of the bond assuming Graco Investor is…
A: Journal entries are recorded by using the principle of double-entry bookkeeping. Thus, it requires…
Q: Beard Company has $13,600 in cash on hand on January 1 and has collected the following budget data:…
A: The cash budget refers to the budgeted statement prepared by estimating future cash receipts…
Q: ah Enterprises will need to upgrade the computer system in 5 years. They anticipate the upgrade to…
A: The idea of future value is essential to many financial computations, such as retirement planning,…
Q: Assuming the company uses the weighted-average method, calculate the amount of interest capitalized…
A: DateExpenditure Weight AverageJanuary 1$590,000×12/12=$590,000March 31$690,000×9/12=$517,500June…
Q: Cane Company manufactures two products called Alpha and Beta that sell for $140 and $100,…
A: Lets understand the basics.When making decision of continue of discontinue any division of the…
Q: How much would you pay for the right to receive $4, 500 at the end of year 1, $3,500 at the end of…
A: The objective of this question is to calculate the present value of future cash flows. The present…
Q: Blue Devil Corp. reported Notes Payable of $122793 on its 2019 Balance Sheet. If the notes don't…
A: A note payable may be a long-term note payable or a short-term note payable. A long-term note…
Q: Many businesses borrow money during periods of increased business activity to finance inventory and…
A: Notes payable These are written agreements (promissory notes) in which one party agrees to pay the…
Q: Based on the following information, compute cash flows from financing activities under GAAP.…
A: Purchase of Investments ($210):This represents the acquisition of financial assets and is classified…
Q: Prepare any necessary journal entries for the cash dividend on March 1, April 15, and May 1. (Credit…
A: Journal entries are the records of transactions of the organization. The entries are recorded using…
Q: Fanning Camps, Inc. leases the land on which it builds camp sites. Fanning is considering opening a…
A: Fixed cost is the cost which does not change with change in production volume. Variable cost changes…
Q: Ayayai has the following individual inventory items at cost and net realizable value: Part Units…
A: According to inventory valuation, inventory is valued at lower of cost or net realizable value. The…
Q: Steven has an RRSP contribution limit of $17,120 in 2022. In February he contributes $10,000 and…
A: Registered Retirement Savings Plan is also referred to as RRSP is a kind of government-registered…
Q: Calculate amortization for 2020; carrying amount at December 31, 2020; amortization for 2021; and…
A: Amortization is used to reduce the value of intangible assets. Intangible assets are those which do…
Q: Thornton Company sells lamps and other lighting fixtures. The purchasing department manager prepared…
A: Ending inventory is the amount of inventory that an entity has on hand, at the end of the period. It…
Q: Dividends per share Lightfoot Inc., a software development firm, has stock outstanding as follows:…
A: Preferred share refers to the shares that are given priority over the common shares. As the name…
Rush Co has a credit balance of RM54 in Jack Co’s receivables ledger. Which of these would explain this balance?
A. Rush Co received a credit note for RM54 from Jack but Jack posted in the account of Twice Co.
B. Rush Co sent a cheque to Jack for RM46 in respect of an invoice of RM100.
C. Rush Co paid an invoice RM54, even though this invoice was subsequently cancelled.
D. Rush Co bought but returned goods to Jack, totaling RM54. A credit note is yet to be issued.
Step by step
Solved in 3 steps
- TeleComm customer ADR circuits paid off an $9500 balance on its accounts receivable. TeleComm should record the transaction as a debit to accounts receivable-A DR circuits and a credit to cash. True or false?A cheque in the amount of $455 was returned by the bank marked "NSF". A bank service fee of $15 was charged for processing the returned cheque. Upon notification of the NSF, the company who initially received the customer’s cheque will most likely 1. reverse the customer’s payment on their books to re-establish the accounts receivable for $455 and debit the accounts receivable for the bank service fee of $15. 2. reverse the customer’s payment on their books to re-establish the accounts receivable for $455. 3. reverse the customer’s payment on their books to re-establish the accounts receivable for $455 and debit bank charges expense for the bank service fee of $15. 4. make no changes to the accounting records but advise the customer that the payment was declined and is still outstanding.Donner's customer, Blitzen, paid off an $8,300 balance on its account receivable. Blitzen should record the transaction as credit to Accounts Payable-Donner and a debit to Cash. O True O False
- Hi, im having trouble with a bank reconciliation question. Additional information: (1) Cheque number 5904 is correctly drawn for RM2,080 to pay for computer equipment. (2) The NSF cheque shown in the statement was originally received from a customer, S. Nilson. The return has not yet been recorded by the company. (3) The credit memorandum is from the collection of RM1,400 note for Elisa Sdn. Bhd. by the bank. The bank deducted RM15 collection fee. This has not been recorded by the company tooIbra LLC sold OMR 2000 goods to one of their reputed customer Mr Syed and collected the cheque immediately. The company sent the cheque to the bank for deposit, but the bank returned the cheque because of non-sufficient funds in Mr Syed’s account. How will you adjust the above reconciliation item in bank reconciliation statement? a. Deduct OMR 2000 from company’s cash book balance b. Add OMR 2000 to Company’s cash book balance c. Deduct OMR 2000 from bank reconciliation statement balance d. Add OMR 2000 to the bank statement balance Clear my choiceb) On December 31, 2020, Watsonia Berhad had a cash balance per book of RM8,037.40. The bank statements from Affin Bank on the date showed a balance of RM6,824.60. A comparison of the statement with the cash account revealed the following facts: 1. Deposits in transit were RM3,823.30. Outstanding cheques at December, 31 totalled RM752.50. 2. On December,18 the company issued cheque No. 1181 for RM846 to Gloxinia Sdn Bhd on account. The check, which cleared by the bank in December, was incorrectly journalized and posted by Watsonia Berhad for RM864. Page 2 of 5 CONFIDENTIAL 202109/SEM103/A 3. Cash sales of RM955.20 on December, 21 were deposited in the bank. The cash receipts journal entry and the deposit slip were incorrectly made for RM965.20. The bank credited Watsonia Berhad for the correct amount. 4. A RM4,500 note receivable was collected by the bank for Watsonia Berhad on December, 31 plus RM95 interest. The bank charged a collection fee of RM35. No interest has been accrued on…
- Han's Supplies's bank statement contained a $260 NSF check that one of its customers had written to pay for supplies purchased. Required: a. & c. Show the effects of the following transactions on the financial statements in the horizontal statements model. (a) Recognize the NSF check, (c) Customer redeems the check by giving Hans $280 cash in exchange for the bad check. The additional $20 was a service fee charged by Hans. Note: Enter any decreases to account balances with a minus sign. For changes on the Statement of Cash Flows, indicate whether the item is an operating activity (OA), investing activity (IA), financing activity (FA), or leave the cell blank if there is no effect. Event (a) (c) HAN'S SUPPLIES Horizontal Statements Model Balance Sheet Income Statement Assets Cash + Accounts Receivable Liabilities + Equity Revenue Expense Net Income Statement of Cash FlowsThe bank mistakenly recorded the collection of $385 on a customer account as $358 in the bank statement. The cheque was written in the correct amount and was correctly recorded in the company’s accounting system. The journal entry required to correct this error would be: Select one: a. debit Accounts Receivable, $385; credit Cash, $385 b. debit Cash, $27; credit Accounts Receivable, $27 c. debit Cash, $385; credit Accounts Receivable, $385 d. debit Accounts Receivable, $27; credit Cash, $27 e. no journal entry is requiredDooley Company sent a deposit of $7,000 to the bank. The bank credited Dooley Company's checking account for a deposit of $700. In reconciling the bank statement, the bookkeeper saw the deposit of $700 instead of the bank recording it at $7,000. Which journal entry should Dooley Company prepare? A. Debit Cash for $6,300 and credit Accounts receivable for $6,300. B. Debit Cash for $6,300 and credit deposits for $6,300 C. Debit Cash for $6,300 and credit revenue for $6,300 D. No journal entry is required
- 10. In Exhibit 3.6, you see a credit sale to G. H. Allen that is recorded in a paper-based accounting system. On July 28, 2021, Aca Pool Co. received check number 6311 from G. H. Allen in payment of his outstanding invoice. Required: a. Record the receipt of Allen's check on the cash receipts prelist, document number CR645. Your instructor will provide you a blank form. b. Use the prelist as your source document to record this cash receipts transaction in the appropriate 14The following information of Mimosa General Dealers for July 2021 has been provided to you: • The debit balance per the bank account at 31 July 2021 was R6 250. • Bank charges of R130 appeared on the bank statement. • A deposit had been recorded on the bank statement as R620 instead of R820. The deposit slip submitted to the bank had been correctly prepared and recorded in the cashbook. • The bank statement showed a deposit of R600, of which Mimosa General Dealers had no details. It was determined that this deposit was from a debtor who had deposited the amount directly into the bank account of the business. • A receipt for a payment received from the insurance company of R1 800 was recorded on the incorrect side of the cashbook. • The DSTV subscription payable by the business for R90 was one of the debits on the bank statement. • An insurance premium direct debit of R300 appeared on the bank…The following information of Mimosa General Dealers for July 2021 has been provided to you: •The debit balance per the bank account at 31 July 2021 was R6 250. •Bank charges of R130 appeared on the bank statement. •A deposit had been recorded on the bank statement as R620 instead of R820. The deposit slip submitted to the bank had been correctly prepared and recorded in the cashbook. •The bank statement showed a deposit of R600, of which Mimosa General Dealers had no details. It was determined that this deposit was from a debtor who had deposited the amount directly into the bank account of the business. •A receipt for a payment received from the insurance company of R1 800 was recorded on the incorrect side of the cashbook. •The DSTV subscription payable by the business for R90 was one of the debits on the bank statement. •An insurance premium direct debit of R300 appeared on the bank statement in July. Upon enquiring with the bank it was determined that the premium should have been…